February 25, 2011
Weekly Trading Update - 21-25 February 2011
It's been a very lively week this week with all the goings on in Libya and across the middle east. I've actually had a really profitable week, mainly because I took out a long position on crude oil right at the start of the week. It seemed like a complete no-brainer and thankfully it worked out very nicely.
Anyway back to my forex trading and the day trading system that I use every day, ie the Forex Morning Trade system, had another excellent week. It maintained it's record of not having a single losing week since September and produced an overall profit of 80 points this week with no losing trades at all. The full results are as follows:
Monday: no trade
Tuesday: 0 (break-even)
Wednesday: +40 points
Thursday: +40 points
Friday: no trade
As regards my 4 hour system, there were opportunities to go long on both the GBP/USD and EUR/USD pairs this week because the EMAs that I use crossed upwards on the 4 hour chart. However I couldn't get a good entry point on the GBP/USD pair and the EUR/USD trade just didn't feel right to me because the markets were highly volatile at the time. As it turned out, both would have produced a profit, particularly the EUR/USD pair which moved significantly higher.
Not to worry though. It's still been a very profitable week and I don't really care where the profits come from as long as I'm making money.